Never read business’ news? Check out our article for a quick update

For the first time in a while, the number of updates to tax are less than they have been and hopefully another sign that we are heading out of Covid times. Some things that might be important for you and your business below.

• 1 July there is a change to VAT on trading with the European Union (one stop shop, online sellers £135 limit – more information here)
• Stamp Duty – the temporary nil rate band of £500,000 ends on 30 June 2021 and changes to £250k from 1^st July to 30^th September 2021
• Businesses will temporarily be able to carry back certain losses against profits up to the three years before the loss was incurred. For accounting periods ending between 1 April 2020 and 31 March 2022, this was extended from one to three years, This measure is available to sole traders, partnerships and companies.
• From 1 April 2021 until 31 March 2023, companies investing in qualifying new plant and machinery assets will be able to claim: a 130% super-deduction capital allowance on plant and machinery investments and a 50% first-year allowance for special rate assets. See the Super-deduction factsheet for more information.
• The furlough scheme is set to be lowered to a maximum of £1,875 per month from 1^st The scheme is scheduled to close at the end of September 2021. We did another full article about it.
• There is a large budget for SMEs’ Research & Development tax allowances, and relief equivalent to 130% of qualifying expenditure can be claimed. Read our full article.

As always, we would be delighted to chat in more detail about how any of the above might affect you and your business.

Enjoying our Quarterly Update too much? Check our previous May edition as it also has lots of important information which is still relevant to your business.